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Gold Price Forecast – Collapsing Gold Price Targets $3,500 in November
The Gold Cycle Indicator remains maxed out at 450, noting extreme overbought conditions. In this report, I present the worst-case scenario with targets for metals and miners, assuming they follow the 2006 playbook. During the 2006 blow-off top, gold prices jumped 36% in two months, only to retrace almost all of those gains in just over a month. If a similar pattern unfolds now, gold could correct back toward $3,500 by late November. Note how prices precisely tagged the 200-day MA. Gold surged 32% in just two months, and if the 2006 pattern repeats, we could be on the verge of a sharp pullback toward the 200-day ... (full story)
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